Puig targets more than €8 billion in revenue by 2032 with organic growth
Key Facts
Spanish group Puig is targeting annual revenue of more than €8 billion by 2032 under its “Vision 2032” plan, presented at its Capital Markets Day on October 28, 2026. Reuters, in a brief reporting the target, said the company is relying mainly on organic growth to achieve it. The target sets a long-term growth path from a revenue base of €5.042 billion in 2025, according to a company filing. The announcement comes as figures for the first nine months of 2026 showed slower like-for-like growth than in the same period a year earlier. Puig also reaffirmed its outlook for the current year, targeting like-for-like revenue growth at a pace above the luxury beauty market.
Net revenue was €3.745 billion in the first nine months of 2026, up 4.8% on a like-for-like basis, according to the company’s sales update. Like-for-like revenue had risen 7.0% in the corresponding period of 2025, meaning growth slowed over the nine-month period. The third quarter, however, brought an improvement in momentum, with like-for-like growth accelerating to 5.6%, compared with 6.1% in the same quarter a year earlier. The company posted record quarterly revenue of €1.391 billion, up 7.2% on a reported basis. Chief Executive Jose Manuel Albesa said momentum was broad-based across business segments and regions, describing performance in the first nine months as strong and consistent.
Performance varied across product categories in the third quarter, with like-for-like makeup sales surging 16.1%, while skincare sales fell 0.8%. Fragrances and fashion, which account for the largest share of revenue, rose 3.9% on a like-for-like basis, according to figures Reuters cited from the company’s results. Across the first nine months, all categories and regions recorded like-for-like growth, according to Puig’s update. Albesa identified Asia-Pacific, niche fragrances, dermocosmetics and makeup among the areas that performed particularly strongly. The differing third-quarter results for makeup and skincare point to varying sources of momentum within the group’s portfolio, even as growth broadened over the longer period.
Recent annual results provide context for the scale of expansion required to meet the target. Puig posted net revenue of €4.790 billion in 2024, with like-for-like growth of 10.9% compared with 2023, before revenue rose to €5.042 billion in 2025. From that base, the target of exceeding €8 billion by 2032 depends on continuing to grow the business over the coming years. Reuters reported that organic growth will be the plan’s main driver. The company also expects its like-for-like revenue growth in 2026 to exceed growth in the luxury beauty market, while adjusted EBITDA margin is expected to remain stable compared with 2025.
Puig had set October 21, 2026, as the date for its third-quarter sales update, then held its Capital Markets Day on October 28, according to its financial calendar. Spanish economic indicators listed on the official calendar are separate from the company’s plan: the unemployment rate was 10.18% in the third quarter, down 0.27 percentage points year on year, according to the National Statistics Institute. The institute will release the September 2026 retail trade index on October 29. On the same date, decisions from the European Central Bank Governing Council’s monetary policy meeting, held on October 28 and 29, are due to be published, according to the bank’s calendar. The company’s next institutional step is to deliver on its 2026 outlook, in which it reaffirmed its target for like-for-like growth above the market and a stable adjusted EBITDA margin compared with 2025.